Private real estate financing helps investors purchase, renovate or refinance a home using a short-term mortgage from a private business or an individual. Unlike loans from banks, Pullman private mortgage loans are fast closing, easy qualifying and available to self-employed individuals.

That is great for investors since even an individual with poor credit can opt for private money for a real estate loan provided that he has a promising project, he has enough money for a downpayment, he has demonstrated himself capable in the real estate market, and he has a good exit strategy. Additionally, the fast closing Pullman private real estate mortgages ensure that you get financing without delay, helping you close within two to three weeks.

In most cases, borrowers consult Pullman private mortgage lenders to finance their endeavors when:

1. A remodeling job or update will make it possible to market their property at a higher price point or get additional rent.

   For example, we had this borrower with a 2-family rental. He already retained a lot of equity in the house and the rent checks generated steady cash flow. A few select home enhancements would help him boost his rents, but with a below average credit score of 520, it was extremely certain that a bank would turn down the mortgage application. After he approached Read Rock Capital to get a loan, we were pleased to complete a cash-out refinance for 65% of the house's appraised value.

2. They want to combine their personal debts.

   The majority of people find that it's stressful to make countless payments each month. To set up a more reasonable situation, people consolidate each of their financial debts into only one line of credit with only one payment per month.

3. They want to take advantage of the equity in a current house to do an additional real estate project.

   As an example, one of our clients located in Hawaii had a house appraised above a million dollars. While it was hard for him to secure a purchaser for the home, he had identified a person who was willing to lease it having an option to buy. The rent checks were more than enough to pay for the cost of his monthly mortgage bill, taxes and insurance obligations. The renter also gave $200,000 towards a non-refundable down payment as he signed the three year lease. The signed agreement meant he did not have to worry about the home's future financial obligations, and as a result, when another great investment opportunity showed up, he reached out to Read Rock Capital and received a private mortgage loan at 70% LTV. This not only gave him enough capital to put towards a down payment or his next property, but also made it easier for him to pay off the existing mortgage.

4. They need assistance to meet the balloon payment for the current loan.

   If someone is unable to pay a balloon payment due to unexpected causes, he can attempt to refinance the loan with an alternative mortgage lender. A cash-out refinance helps the person pay the balloon payment and evade penalty.

Searching for a private mortgage lender in Pullman to help you afford your investment purchase? Fill out the contact form or call us to talk about your property.